Bloomberg reports that the consulting firm that last year apologized for helping to improve the image of former Libyan dictator Muammar Qaddafi has filed for bankruptcy protection.
In a Chapter 11 petition filed on Wednesday in U.S. Bankruptcy Court in Wilmington, Delaware, Monitor Company Group LP, of Cambridge, Massachusetts, listed assets of $100 million and debt of $500 million.
The company said its U.S. business would be aquired by Deloitte Consulting LLP while its practices outside the U.S. will be acquired by other member firms of Deloitte Touche Tohmatsu Ltd.
Monitor Group, co-founded in 1983 by Harvard Business School management guru Michael Porter, reportedly received a fee of $3 million a year plus expenses from the Qaddafi regime for its services.
(Source: Bloomberg)
